French insurer Axa SA (AXAHY.PK) has reached an agreement with Certinvest and SIF Transilvania to sell its Life & Savings insurance operations in Romania and exit the Romanian market. As part of the agreement, Certinvest would purchase a 70% stake in AXA’s Romanian division, AXA Life Insurance S.A., whilst SIF Transilvania would acquire the final stake of 30%, according to rttnews.com.Certinvest is an independent asset manager in Romania. SIF Transilvania is a financial investment firm listed on the Bucharest Stock Exchange. The parties agreed not to disclose the terms and conditions of the transaction.
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